Tokyo Olympic village condo buyers sue developers for delay
Buyers of condominiums units to be converted from the Tokyo Olympics and Paralympics athletes village have sued the developers for the additional cost they would incur due to a one-year delay in the property handover.
In the lawsuit filed with the Tokyo District Court, the 29 plaintiffs insist that Mitsui Fudosan Co and the other developers either hand over the condominium units by March 2023 or pay them 80 million yen in compensation.
The condominium units are part of the Harumi Flag complex, 2.5 kilometers from the Ginza shopping district and 3.3 km from Tokyo Station, being developed on a 13-hectare reclaimed site in Tokyo Bay.
With over 20 apartment buildings, a shopping facility, and schools, the artificial island is expected to have a population of 12,000.
The condos attracted more than 5,500 applications when 631 units were put on sale in November.
The plaintiffs, who bought the units in 2019, were set to move into their new homes in late March 2023.
The developers were to complete the refurbishment of the athletes' village following the 2020 Tokyo Games, but the coronavirus pandemic forced a one-year postponement of the Games.
The developers were forced to delay the handover of the units, leaving the purchasers liable for additional rent.
Mitsui Fudosan said they have yet to receive a legal complaint.